Pitman, New Jersey Property Taxes
The median property tax rate in Pitman, NJ is 3.41%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Pitman, the typical annual property tax bill reaches $7,897, exceeding the national median of $2,690. Property taxes in Pitman are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Pitman's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Pitman or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pitman, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.41%
Estimate Property Tax Bill
$8,014
Ownwell’s Pitman Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Pitman with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Pitman to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular insights, you can scroll down to find localized information at the neighborhood level. Your property’s assessed value is determined by Gloucester County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Pitman, New Jersey
Property taxes in Pitman, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pitman is 3.41%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Pitman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pitman estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Pitman's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 08071 zip code has the highest median property tax rate of 3.41%, while the same 08071 zip code also has the lowest median tax rate of 3.41%. Understanding how these cities compare with Pitman provides valuable insights into the varying tax landscape across Gloucester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pitman Tax Rate
3.41%
Average Gloucester County Tax Rate
2.83%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pitman, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08071 | 3.41% | 3.41% | 3.41% | 3.41% | 3.41% |
Source: Ownwell
Property Tax Assessment Values Across Pitman, New Jersey
In Pitman, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Gloucester County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Pitman, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Pitman is $235,024, with the highest and lowest median tax bills both at $7,897 in zip code 08071. Being aware of these valuation processes in Pitman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pitman Assessed Value
$235,024
Average Gloucester County Assessed Value
$246,529
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pitman, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08071 | $150,902 | $191,443 | $235,024 | $279,503 | $324,778 |
Source: Ownwell
Property Tax Bills Across Pitman, New Jersey
In Pitman, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and is meant to reflect the market value of the property. Homeowners in Pitman, located in Gloucester County, face a median property tax rate that significantly impacts their annual expenses. For instance, the median home price in Pitman is $235,024, leading to tax bills that range from $6,411 at the 25th percentile to $11,048 at the 90th percentile. The property tax rate in Pitman is higher than the national median of 0.99%, making it crucial for homeowners to understand how their tax bill is formulated. Factors such as property improvements and market conditions can influence the assessed value, thereby affecting the tax bill. High property taxes can place a substantial financial burden on homeowners, impacting their overall cost of living and housing affordability. Therefore, staying informed about property tax assessments and potential exemptions is essential for managing these expenses effectively.
Average Pitman Tax Bill
$7,897
Average Gloucester County Tax Bill
$7,106
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Pitman, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08071 | $5,102 | $6,411 | $7,897 | $9,414 | $11,048 |
Source: Ownwell